Understanding the basics of insurance
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Understanding the basics of insurance
Insurance is a financial product that protects individuals and businesses from financial loss in the event of an unexpected event such as an accident, illness, or natural disaster. Insurance can be divided into two broad categories: property and casualty insurance and life and health insurance.
Property and casualty insurance: This type of insurance covers damage or loss of property and liability for accidents or injuries. Some examples include car insurance, homeowners insurance, and commercial property insurance.
Life and health insurance: This type of insurance provides financial protection in the event of death or illness. Some examples include life insurance, health insurance, and long-term care insurance.
The basic principle of insurance is that a large group of people, known as policyholders, pay a small amount of money, known as a premium, to an insurance company. The insurance company pools the money and uses it to pay for the losses of a small number of policyholders.
Premium: A premium is the amount of money that policyholders pay to an insurance company for coverage. The premium is usually paid on a regular basis, such as monthly or annually.
Deductible: A deductible is the amount of money that a policyholder must pay out of pocket before the insurance company will begin to pay for losses. A higher deductible can lower the premium, but it also means that the policyholder will be responsible for paying more out of pocket if a loss occurs.
Co-insurance: Co-insurance is a type of cost-sharing between the policyholder and the insurance company. For example, a policy may have a co-insurance of 80/20, which means that the policyholder is responsible for 20% of the losses and the insurance company is responsible for 80%.
Limitations and exclusions: Every insurance policy has limitations and exclusions. These are situations in which the insurance company will not pay for losses. For example, a homeowner’s insurance policy may exclude losses caused by floods or earthquakes.
Claims: A claim is a request for payment made by a policyholder to an insurance company after a loss has occurred. Policyholders should report the loss to the insurance company as soon as possible and provide any documentation required.
It’s important to understand the different types of insurance that are available and to choose the coverage that is right for you. You should also review your insurance coverage regularly to make sure it still meets your needs and that you’re getting the best possible deal.
When purchasing insurance, it’s essential to shop around and compare different policies, coverage, and premium rates from different insurance companies. This can help you find the best coverage at the most affordable price.
It’s also important to understand the terms and conditions of your insurance policy. Make sure you understand what is covered, what is excluded, and what you need to do to file a claim.
In conclusion, insurance is a financial product that protects individuals and businesses from financial loss in the event of an unexpected event. There are two broad categories of insurance, property and casualty insurance and life and health insurance. The basic principle of insurance is that a large group of people pay a small amount of money, known as a premium, to an insurance company. Insurance policies have terms such as premium, deductible, co-insurance, limitations and exclusions, and claims. It’s important to understand the different types of insurance that are available and to choose the coverage that is right for you, review your insurance coverage regularly, shop around and compare different policies, coverage, and premium rates from different insurance companies and understand the terms and conditions of your insurance policy.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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Understanding the basics of insurance
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